Lord Berkeley: My Lords, I am grateful for the opportunity to introduce the House in this debate to the Luxembourg Rail Protocol, which needs a minor amendment to the Trade Bill. It would enable the Government to move forward with ratification, which would help rail operators and manufacturers encourage foreign investment into the UK and support UK exports of rail equipment. It mirrors something which has existed for some years in the air sector, and it is caused by a problem of getting finance for things that move and can be taken away.
To introduce it very quickly, the Luxembourg Rail Protocol to the Cape Town convention is an international treaty which will make it easier and cheaper for the private sector to finance all types of railway rolling stock, from locomotives to passenger and freight wagons, metro trains and trams, and so on. I believe from earlier discussions that it has government and cross-party support, and it needs a statutory instrument, as long as that is authorised by private legislation. The protocol to the Cape Town convention creates a new global system for protecting and prioritising creditor rights in relation to secured financing or leasing of all types of rolling stock. This includes a facility to register security interests in an international registry, and it is the first common global system for uniquely identifying rail equipment. As noble Lords will know, rail equipment, like aircraft, has a habit of being moved if it is in the owner’s interest to do so.
It reduces creditor risk, the legal cost of financing and the cost of capital, and will relieve central and local government of the burden of financing or underwriting the procurement of new rail equipment. It will also provide the opportunity for government to refinance cost-effectively existing equipment. Of course, for exporters of rail equipment, which we hope will continue and grow after Brexit, the treaty will make manufacturers more competitive, particularly by levelling the playing field against Chinese competition, which many industries fear quite a lot. It will create valuable new markets and facilitate lower risks.
As I said, the UK has already adopted the Cape Town convention’s protocol applying to aircraft. It has signed but not ratified the rail protocol. Post Covid, this is all very important, so I propose to put down a few small amendments to Clause 2 to allow this convention to be ratified within the wider definition of the implementation of international trade agreements.

Baroness Redfern: My Lords, I too congratulate the Minister, the noble Lord, Lord Grimstone, and the right reverend Prelate the Bishop of Blackburn on their excellent speeches. I also thank the Minister for introducing the Bill, which puts in place measures that support the UK in achieving an independent trade policy, ensuring that the British taxpayer gets the best deal while public sector organisations and government departments continue to benefit from increased choice and value for money on contracts.
The Bill creates a new independent body, the TRA, which allows businesses to liaise with negotiators as deals progress, importantly keeping stakeholders informed in a timely manner and protecting British businesses from unfair trading practices or unforeseen surges in imports, as we have seen with the dumping of steel in the past. As someone who lives near Scunthorpe, I note that British Steel produces some of the best-quality steel in the world. It stands ready in the global market, supported by excellent SMEs in the supply chain. I am pleased to see that the powers in the Trade Bill will not be used to privatise the NHS, to which the Government are committed.
Lincolnshire, where I live, is noted for being the bread- basket of the UK, supporting farmers, producers and exporters in maintaining and enhancing their critical edge in global trading. Under a free trade agreement, great importance will be attached to ensuring that the standards to which imported goods are produced—including animal welfare standards—are as high as, or higher than, our own. I particularly welcomed the banning of veal crates in the UK 16 years before the EU banned them. On the environment, too, the UK was the first major economy in the world to enshrine in law the requirement to bring all greenhouse gas emissions to net zero by 2020. People want to see a doing Government.
The Bill creates a new discretionary legislative gateway to allow data sharing from specified public authorities, most notably the Minister for the Cabinet Office and the Secretary of State for International Trade, with other Ministers of the Crown supporting their functions in relation to trade.
To support the UK as an independent trading nation, we must have a robust independent trade policy. Parliament will have the opportunity to scrutinise any legislation required to implement the treaty in the normal way. I support all four areas in the Trade Bill and look forward to the next stages as it progresses.